Home Buying in Warsaw>Question Details

Cathy Lundgr…, Home Buyer in Warsaw, IN

We made a cash offer on a home in foreclouser, and it was accepted, with the statement on the paperwork of

Asked by Cathy Lundgren, Warsaw, IN Tue Oct 7, 2008

Sellers acceptance is subject to receiving a Deed from The Union Federal Band of Indy. Which our agent asked us to initial to agree too. Now, they have put off the closing twice, with no good reasons as to why they are not getting the Deed, and setting a real closing time. What can we do to pressure them into gettting their end of this ready and a closing date set?

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Cathy~Typically the standard purchase agreement is superseded by an addendum provided by the property owner~the bank~ that clarifies and/or overrides the terms of any state/local real estate contracts. The language within that addendum will provide language that spells out the conditions specific to sellers performance. One of those items is generally to provide you with good marketable title that a reputable title insurance company will insure~ unencumbered and clear title~ which is really in the buyers best interest! This process can take longer, especially in the case of foreclosures, to make sure that all claims against the property are identfied and removed before completion of the purchase. Hopefully that provides some explanation as to what's going on behind the scenes! I've experienced seamless~ cash closings within 20 days along with significantly longer timeframes when there are title issues that need to resolved. Good Luck~ Mark
Web Reference: http://www.warsawmark.com
0 votes Thank Flag Link Tue Jan 27, 2009
Unfortunately Cathy, theres not much you can do. Your agent needs to stay in contact, daily if necessary to get this done. Patience is key when dealing with any short sales or foreclosures. You must wait on all the folks that have to sign on and off of these deals and they are so swamped these days, the squeeky wheel gets the grease! Just make sure your agent is persistently nice, take them donuts..do anything to get your paperwork to the top of the piles on the desk and you will get this deal closed! I know its not easy waiting, but keep in mind what a good deal you are getting and Good Luck!
0 votes Thank Flag Link Tue Oct 7, 2008
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